Och-Ziff distressed securities specialist Steve Freidheim is planning to launch his own firm next year - and he will be taking the $1 billion OZ Credit Opportunities Fund with him.
Details of the arrangement are unclear, but Freidheim is understood to be taking all of his employees as well as the assets of his fund. He previously invested in distressed securities at the now-defunct Bankers' Trust.
The departure comes at a time when Och-Ziff, founded by former Goldman Sachs proprietary trader Dan Och, is on a growth spurt. The firm grew 27% in just the first six months